Alameda Research, a cryptocurrency trading company founded by billionaire Sam Bankman-Fried, has led a $ 35 million investment in automated cryptocurrency trading app Stacked.
December 9th The startup officially announced the successful completion of a Series A funding round jointly led by Alameda and Mirana Ventures, a venture partner of the Bybit and BitDAO exchanges.
The new funding is set to help Stacked grow its team from 40 to more than 100 employees by 2022. and continue to scale its cryptocurrency portfolios and automated credit products.
According to Brian Lee, partner at Alameda Research Ventures, Alameda started investing in Stacked over a year ago and is now confident that it can provide a “simple and unique investment experience for retail investors”.
“The ability to offer users some margins of safety when creating a portfolio while allowing them to secure funds on their preferred exchange is something that investors really need.” Lee pointed out.
Started in April 2020, Stacked is a web-based application that enables users to access verified trading strategies and investment portfolios based on indices of popular cryptocurrencies, hedge funds and other investor portfolios through pre-built stacks. The platform is expected to become fully mobile within six months.
According to Stacked Co-Founder and CEO Joel Birch, Stacks containing decentralized financial (DeFi) currencies are among the most popular on the platform. According to stacked data at the time of this writing, Stacks based on non-fungible tokens (NFTs) do the best, including a mix of large and small cap coins that allow exposure to the NFT markets.
Stacked Chief Revenue Officer Alan Eschweiler highlighted the importance of large companies supporting the company. “It is no coincidence that two of the largest exchanges in the cryptocurrency sector are jointly leading this investment round. These and other exchanges were important partners for us from day one and presented their users with more automated tools for investing. “
The news comes at a time when Bankman Fried Exchange FTX is trying to raise $ 1.5 billion for its crypto derivatives exchange and its US subsidiary FTX.US. Technology magazine The Information reported Dec. 3 that the new fundraiser would value FTX and FTX.US at $ 32 billion and $ 8 billion, respectively.